Income Tax Slab Rates for FY 2017-18(AY 2018-19)
For FY 2017-18, the slab rate for income tax up to Rs. 5 lakh has gone down from 10% to 5%.
PART I: Income Tax Slab for Individual Tax Payers & HUF (Less Than 60 Years Old) (Both Men & Women)
| Income Slab | Tax Rate | ||
|---|---|---|---|
| Income up to Rs 2,50,000* | No tax | ||
| Income from Rs 2,50,000 – Rs 5,00,000 | 5% | ||
| Income from Rs 5,00,000 – 10,00,000 | 20% | ||
| Income more than Rs 10,00,000 | 30% | ||
| Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
| |||
| Cess: 3% on total of income tax + surcharge. | |||
| *Income tax exemption limit for FY 2017-18 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III) | |||
PART II: Income Tax Slab for Senior Citizens (60 Years Old Or More but Less than 80 Years Old)(Both Men & Women)
| Income Slab | Tax Rate | ||
|---|---|---|---|
| Income up to Rs 3,00,000* | No tax | ||
| Income from Rs 3,00,000 – Rs 5,00,000 | 5% | ||
| Income from Rs 5,00,000 – 10,00,000 | 20% | ||
| Income more than Rs 10,00,000 | 30% | ||
| Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh upto Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
| |||
| Cess: 3% on total of income tax + surcharge. | |||
| *Income tax exemption limit for FY 2017-1 is up to Rs. 3,00,000 other than those covered in Part(I) or (III) | |||
PART III: Income Tax Slab for Senior Citizens(80 Years Old Or More) (Both Men & Women)
| Income Slab | Tax Rate | ||
|---|---|---|---|
| Income up to Rs 2,50,000* | No tax | ||
| Income up to Rs 5,00,000* | No tax | ||
| Income from Rs 5,00,000 – 10,00,000 | 20% | ||
| Income more than Rs 10,00,000 | 30% | ||
| Surcharge: 15% of income tax, where total income exceeds Rs.1 crore. | |||
| Cess: 3% on total of income tax + surcharge. | |||
| *Income tax exemption limit for FY 2017-18 is up to Rs. 5,00,000 other than those covered in Part(I) or (II) | |||
INCOME TAX SLAB FOR DOMESTIC COMPANIES FOR FY 2017-18 (AY 2018-19)
The tax rate for companies with an annual turnover of up to Rs 50 crore has been brought down to 25% from 30%.
Besides the above change, other rates remain the same as were in the previous year. Please see the income tax slab for domestic companies for FY 2016-17.
